What is the crypto travel rule? Sender and receiver details for crypto transfers
By SendPay Business · · 2 min read
The travel rule says that when crypto moves between regulated firms, information about the sender and receiver has to travel with it. It's the crypto version of a rule banks have followed for wire transfers for years.
Where it comes from
The rule comes from the Financial Action Task Force (FATF), the global body that sets anti-money laundering standards. Countries including the UK have written it into their own rules for crypto firms.
What it means for customers
- You may be asked who you're sending crypto to, and whether it's your own wallet.
- Incoming transfers may need details of who sent them.
- Transfers can be paused while a firm checks missing information.
Why it exists
Passing on sender and receiver details makes it harder to use crypto to move money for crime, and lets firms screen transfers the way banks do.
Where SendPay fits
SendPay crypto exchange platforms let your customers buy, sell and hold crypto under your own brand, with assets held with regulated partners. SendPay tells you in writing which licences apply to your platform before you pay.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.